Biocryst Pharmaceuticals, Inc. · NASDAQ:BCRX

Biocryst Pharmaceuticals — Merger or Acquisition (February 2018)

9 slides from Biocryst Pharmaceuticals's merger presentation, Feb 27, 2018

1. Slide 1: Update on Proposed Merger with Idera Pharmaceuticals, Inc.

   1 Update on Proposed Merger with Idera Pharmaceuticals, Inc.

2. Slide 2: BioCryst & Idera Boards Carefully Evaluated Strategic Options

   2 BioCryst & Idera Boards Carefully Evaluated Strategic Options ◆ Engaged, Well - Advised Boards • BioCryst and Idera Boards comprised of highly experienced directors with extensive industry knowledge • BioCryst Board of Directors met numerous times over last two years to discuss value enhancing opp

3. Slide 3: Robust Pipeline, Complementary Leadership, Financial Strength, Synergistic Discovery Engines

   3 Robust Pipeline Complementary Leadership • Proven commercial team; launched 1 st prophylactic HAE product • Extensive clinical development experience • Significant experience with 2 distinct engines • Expands number of rare disease targets beyond standalone capabilities • Creates opportunities for

4. Slide 4: Clinical Review and Synergistic Discovery Engines

   4 Clinical Review and Synergistic Discovery Engines

5. Slide 5: Phase 3 Programs Create Financially Strong Foundation to Support Robust, Rare Disease Focused Pipeline

   5 Phase 3 Programs Create Financially Strong Foundation to Support Robust, Rare Disease Focused Pipeline BCX7353 Prophylactic HAE IMO - 2125 PD - 1 Refractory Melanoma in Combination with ipilimumab • Once a day oral (capsule) • Competitive attack rate reduction 73% • Safety & tolerability similar t

6. Slide 6: Synergistic Discovery Engines with Enhanced Development Opportunities

   Synergistic Discovery Engines with Enhanced Development Opportunities 6 ◆ Ability to leverage both structure - guided small molecule design and nucleic acid/oligonucleotide chemistry within one organization • Combination therapy of small molecule and oligo may create more effective and potentially u

7. Slide 7: Summary

   7 Summary

8. Slide 8: Solid Capital Position & Meaningful Operational Synergies

   Solid Capital Position & Meaningful Operational Synergies 8 * Unaudited pro - forma cash balance as of December 31, 2017 Strong Combined Financial Profile with Opportunities to Generate Non - Dilutive C apital ◆ ~$243 million net cash balance* • Capital for continued clinical development through nex

9. Slide 9: Combination with Idera Creates Substantial Value

   Combination with Idera Creates Substantial Value x A unique player in rare diseases, with scale and strengthened competitive position x More opportunities for success through diversified late - stage pipeline, variety of early stage programs and supporting assets x Synergistic discovery engines with

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